Some Barron's blog or something - gold's $15B unwind.
I would agree that everything's moved too fast too far, and just because a bunch of hedgies spent the last 9 weeks taking new positions doesn't mean they can stay at those prices.
RBC is quoted in the article as saying this:
“The post-Trump-win unwind of gold has continued but appears to be shallowing out as indicated by gold-backed ETPs [exchange-traded products]. As prices have stabilized, the bleed of gold exchange-traded products (ETPs) has shallowed as well. In fact, while total ETP holdings fell by 228 tons since election day, 97% of that fall occurred in the first 45 days, with the rest occurring over the two weeks since. The fall was not simply a price story, as underlying and price driven flows contributed almost equally to the decrease. Overall, this represents more than a $15 billion drawdown in gold-backed ETP AUM – a pretty staggering number for a commodity which had rallied for much of the year.
So make of that what you will.